VNPT sells finance subsidiary to SeABank

Vietnam Posts and Telecommunications Group sold its finance subsidiary Post and Telecommunication Finance Company Ltd to SeABank. (Photo: VNPT)

Hanoi (VNA) - Vietnam Posts and Telecommunications Group
(VNPT) sold its finance subsidiary Post and Telecommunication Finance Company
Ltd (PTF) to SeABank at a recent auction.

After the successful auction, Tran Manh Hung, Chairman
of VNPT, on February 5 announced VNPT was completing the dossiers to
submit to the State bank of Vietnam (SBV) and the Ministry of Information and
Communications (MoIC) for the deal’s approval.

According to Hung, VNPT sold PTF to SeABank at a
higher price than the asset valuation it gave.

Earlier in December, a VNPT official
announced that it would sell all the assets of PTF for at least 500 billion VND
(21.9 million USD). Participating investors will have to pay a
deposit of 50 billion VND.

Withdrawal from PTF is part of VNPT’s plan
to divest from non-core businesses.

Founded in 1998, PTF is Vietnam’s first finance
company, wholly owned by VNPT, with a chartered capital of 500 billion
VND.

According to PFT’s financial statements, its profits
in 2015 and 2016 were 21 trillion VND and 19 trillion VND, respectively.

Earlier, in February 2016, then Deputy Prime
Minister Vu Van Ninh suggested a restructuring plan for PTF. Accordingly, the
SBV and the MoIC needed to agree on measures to be taken.

Meanwhile, the VNPT
group is expecting its restructuring plan and development
strategy to get the Prime Minister’s approval early, which was the
base for equitising the group in 2019.

Tran Manh Hung, Chairman of VNPT, said its
development strategy in the period between 2018 and 2025
with a vision to 2030 is aimed at renovating its growth model towards improving
productivity and competitiveness.

Its report revealed that the group
earned a revenue of 144.7 trillion VND in 2017, rising by 7 percent
over the previous year. Its pre-tax profit reached 5.1 trillion VND, up by 21 percent.

Under the restructuring plan, VNPT is aiming for
an average revenue growth rate of at least 6.5 percent per year,
with a profit growth of more than 10.8 percent per year by
2020. In the period between 2021 and 2025, the annual
growth is expected to reach more than 7.7 percent for revenue and
more than 11 percent in profit. -VNA